To take benefits form the opportunities in the international market, full and instant realization of Rs 180 billion textile package announced by the former prime minister Nawaz Sharif is very important and need to be enhanced further, said Pakistan Businessmen and Intellectuals Forum (PBIF) president, Mian Zahid Hussain. He said Pakistan’s industry has been producing sophisticated quality fabrics in line with the latest overseas demand having its own recognition in the international market.
Manufacturers and exporters display their designs and products regularly not only in Pakistan but around the world in international fairs and exhibitions in Paris, London, New York, Tokyo, etc. Talking to the business community, he said that Pakistan is the 4th largest producer of cotton with the third largest spinning capacity in Asia after China and India, but still have share of around 1 percent in the global market; which is discouraging at one place but indicates several growth opportunities in the international market at the other place.
The former minister added that to resolve problems pertaining to cotton industry, government and policy makers need to take concrete steps on urgent basis. For growth and development of cotton industry, cotton research centers should be established throughout the country. Issues of industry regarding sales tax refund need immediate attention of concerned authorities to avoid negative impact on cotton production in up-coming season. He said that righteous demands of Cotton Ginners Association need to be fulfilled immediately, as further delay in resolving their problems may cause not only severe damages to textile related industries but will also cause a negative impact on the national economy.